Taming My Father

Abstract

Bud Smith, the only one of six children involved in his father’s business, is concerned that his father’s penchant for creating businesses is not at pace with the business and family life cycles. He believes that his father, Frank, should simultaneously be more strategic in business development and consider who will take over the business. Even with Frank healthy at 86 years of age, Bud does not think his father could be expected to personally and directly oversee his many business ventures. How does he tell his father he needs to put a succession plan in place and what options for succession should he present to his father?